Students from Cambridge University’s Judge Business School found festival-goers spent £183,000 at businesses trading at the event, and a further £1.48 million with companies off-site.

Hotels, pubs and restaurants were the main beneficiaries, with the average non-local attendee spending £94.51 in Cambridge, compared the typical tourist’s £47.80 outlay.

Local businesses were surveyed and 53 per cent said the festival had a positive impact on the area, compared to 37 per cent for Glastonbury and 26 per cent for V Festival.

Cllr Richard Johnson, the executive councillor for arts and recreation, said: “This is a tremendous figure and reinforces the positive impact that the folk festival has for Cambridge, not just economically but also in terms of its standing as a world-class event that showcases the city.”